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ENPAP - Ente Naz. Prev. e Ass. Psicologi

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The Board of Directors of the Fund has approved the adoption starting from 2016 of the Management, Organization and Control Model of the Code of Ethics and the appointment of the Supervisory Body to implement a governance system inspired by Decree 231/2001.

In terms of investments and ESG, in its Code of Ethics, ENPAP states: "The Fund aspires to maintain and develop the relationship of trust  towards those who make investments related to the Fund's activities, by imprinting its relationships based on principles of impartiality, honesty, fairness and confidentiality, while protecting Members, Employees and the Community." (art.1) and "The Fund acts in line with the needs of the communities where it carries out its action, contributing to their economic, social and cultural development and placing the protection of the environment .." (art.6)

In terms of investments and ESG, in its General Criteria on investment of ENPAP, the Fund describes its investment strategy and states it "favors financial instruments with a low degree of risk".

The policy "Principles of sustainable investment and responsibility of ENPAP" is dedicated to the SRI strategy of the fund.
 

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

ENPAP SRI Policy is based on the principle that ESG approach  allows to improve the risk / return profile of the investment in the medium and long term.
This document will be subject to revision, at least every three years, by the Board of Directors on the proposal of the Investment Commission.

Criteria of "exclusion":

- Exclusion of countries
a) which do not guarantee respect for civil rights (human rights and religious freedom); b) which do not guarantee respect for political freedoms (freedom of expression and association).
- Exclusions of Companies
a) that do not guarantee compliance with the principles contained in the ILO (International Labor Organization) convention regarding the protection of child labor;

b) that do not guarantee equality between men and women in work and in remuneration policies;

c) whose turnover derives from the following controversial activities: Weapons (nuclear, biological and chemical, mass destruction weapons or parts of them; chemical, biological and radioactive toxic agents; missiles capable of carrying weapons of mass destruction; fragmentation weapons and anti-personnel mines), Gambling  and Pornography;

d) who have been convicted of serious violations of the anti-money laundering and anti-terrorist financing legislation.

Criteria of "inclusions"
For investments represented by shares or shares in the share capital, debt securities or mutual funds / SICAV shares, only financial instruments that have an "ESG rating" deemed satisfactory, or at least equal to " BB "(according to the" MSCI ESG Ratings "valuation metric) or at least equal to" Limited "(according to the" VIGEO EIRIS "valuation metric) or equivalent.
 

 

01.6. 補足情報 [任意]

          
        

SG 01 CC. Climate risk

01.6 CC. 投資期間において特定され、組織の投資戦略・商品に組み込まれている気候関連のリスクおよび機会について記述してください。

組織が気候関連の移行リスク・物理的リスクおよび機会を特定するためのプロセスをまだ踏んでいない理由を説明してください。(500 語以内で自由に記載)

During 2019 ENPAP approached the climate risk of an invested portfolio with a Carbon Footprint and Energy Transition analysis, to addreass investment decisions that integrate the mitigation of the climate change risk and to identify investment opportunities aligned with the transition to a low carbon economy. 

These information have not yet been factored into the investment process, but from 2020 ENPAP could engage with companies that have a weak position in the energy transition.

01.8 CC. 組織はTCFDを公式に支持しますか?

理由を説明してください。

The rationale is that ENPAP will decide to supports TCFD in the next futureThe Carbon Footpri

01.9 CC. 重大な気候関連リスクおよび機会を特定・管理する組織全体の戦略がありますか?

説明してください。

The Carbon Footprint & Energy Transition analysis carried out by the ESG advisors on a half-yearly basis is the monitoring tool tha enble ENPAP to identify, monito and manage the climate risks and opportunities

1.10 CC. TCFD開示を発表するために組織が使用する文書/通信を示してください。


SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

URL/添付ファイル

02.3. 補足情報 [任意]


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

ENPAP discloses on its website a Code for conflict of Interests. In the article 6, the Fund within its own asset management model, guarantees the full independence of the control functions with respect to the management functions. The Finance Department verifies that the investment process is consistent with the Fund objectives.

03.3. 補足情報 [任意]


SG 04. Identifying incidents occurring within portfolios

04.1. 組織では、投資先企業において発生するインシデントの特定と管理を行うプロセスを設定しているかどうか明示して下さい。

04.2. インシデントを管理するプロセスを説明して下さい

With the support of Vigeo Eiris, ENPAP identifies controversies faced by the companies in its portfolio.  A controversy is an information,a flow of information, or a contradictory opinion that is public, documented and traceable, allegation against an issuer on corporate responsibility issues. Vigeo Eiris - the rating agency that provides the analys to the Fund - provides an opinion on companies risk mitigation based on the analysis on three factors: severity (level of impact on stakeholders), responsiveness (ability demonstrated by an issuer to dialogue with its stakeholders and implement corrective measures) and frequency ( number of controversies faced).  

"ENPAP undertakes to carry out, where possible, a concrete activity of "engagement", that is, an active commitment in urging the companies in which it invests to the continuous improvement of its policies regarding "ESG", also through participation in associations and multilateral bodies with other institutional investors and qualified operators in the field of "sustainable" and "responsible" investments"(The principles of sustainable investment and responsibility of the ENPAP).

Companies with a weak risk mitigation index in terms of controversies ( 3 factors severity, responsiveness, frequency are considered to assess the index ) can be the basis of an engagement activity by ENPAP.


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